Behind the Annual SEC Enforcement Report: 2017 and Beyond

Abstract

The SEC's enforcement report for fiscal year 2017 reports moderate declines in the number of filed enforcement actions, 754 compared with 868 in fiscal year 2016, and in the total monetary penalties ordered, $3.8 billion compared with $4.1 billion in fiscal 2016. The narrative accompanying the release suggests that despite the change in SEC leadership, nothing has really changed in enforcement. This review looks behind reported numbers. By comparing enforcement with prior years, and during the first and second half of the fiscal year 2017, the review reports on changes that have taken place, in particular in enforcement against Wall Street firms and public companies. In addition to offering data on settlements and fines, the review also offers statistics on where the SEC chooses to file cases - in court or in administrative proceedings - and recent data on admissions in enforcement actions.